updated 06:54 pm EST, Wed February 20, 2013

Console based on x86 architecture

As expected, Sony's has announced official details surrounding its PlayStation 4 game console today at a special event in New York. The company has focused heavily on social features and streaming gaming, taking advantage of technology refined by acquired company Gaikai, highlighting the ability to run demos instantly and start games while the rest of the data continues to download in the background.

The next-generation gaming platform is powered by an x86 CPU, an improved GPU that is claimed to approach two teraflops of performance, and 8GB of GDDR5 system memory paired with an HDD for local storage. The video compression system is said to provide near instantaneous live streaming of video feeds to share with others, even enabling friends to dive into the gameplay while watching a stream.

The new console has been paired with an updated controller, the DualShock 4, which integrates a touchpad and a dedicated Share button on the front side. Other enhancements include a headphone port and a light bar, though the company has not ventured far from the DualShock 3's overall form factor.

The PlayStation 4 will support the Move controller that was introduced with the PlayStation 3, however Gaikai's Dave Perry hinted that the new console will not natively support PS3 games. Players will have to stream previous-generation games from Sony's cloud-based service.

Despite the official announcement and promise of a "holiday 2013" release, Sony has yet to provide full specs or publish any pictures of the console itself. It is unclear if the company is waiting until the E3 expo, scheduled in June, before fully revealing the device.